How to improve Credit Score if CIBIL is below 650 ?

Highlights

Tips to improve your CIBIL score.

Check your CIBIL score online for free.

Before talking about the measures that can help me improve my credit score, I want to know what a good credit score means. I have never applied for any kind credit facility but when I did, lenders would want you to provide your credit score. My CIBIL is below 650 and hence I am not eligible for the product I desire.

Most of the credit facilities are available to the applicants having CIBIL above 750. To increase my credit score, I sincerely need to follow certain rules. To start with, I decided to check my score.

I have never checked my CIBIL in my entire life maybe because there was no need. I researched properly and got to know that checking the score is easy and available for free. Wishfin is one such platform where I checked my score. You can also check your CIBIL score for free. Below are the steps you need to follow.

Increase your limit in case you are sure of using it in a disciplined manner.

Why is my CIBIL score less than 650?

There are certain basic but important factors that affect the credit score of an individual. Below are some of the main reasons behind your lower credit score.

Missed EMI payments

Spending more than 30% of your credit card limit, it is affecting the score.

Using credit cards for almost every expenses.

Late EMIs or credit card bill payments.

To get best credit cards and low-interest loans, your CIBIL score or credit score should be good. In India, lenders such as banks and NBFCs would consider your application suitable for the credit facility only if you have a good credit score. It is also true that most of the people do not have a credit history and still avail the service but the fact is that they are not eligible for the best deals.

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